LIOC 3Q pre-tax profit tops Rs. 1 b mark

Despite the fuel and energy crisis in the country, Lanka IOC PLC has had a super third quarter with pre-tax profit topping the Rs. 1 billion mark.

As per interim results released, LIOC pre-tax profit amounted to Rs. 1.03 billion, up from Rs. 810 million in the corresponding  quarter of FY21.

Revenue in 3Q of FY22 rose to Rs. 23 billion from Rs. 16.5 billion a year ago whilst operating profit increased from Rs. 626.5 billion to Rs. 980.4 billion.

After tax profit for the quarter was Rs. 889.7 million as against Rs. 687 million a year ago.

First nine months after tax profit was Rs. 1.4 billion as against a loss of Rs. 91 million in the corresponding period of FY21.

Revenue was Rs. 60.4 billion up from Rs. 46 billion. Operating profit was Rs. 1.3 billion in comparison to a loss of Rs. 735 million in the first nine months of FY21.

The third quarter also saw LIOC share price soar to a high of Rs. 81.30 (Rs. 26.70 a year ago) before closing at Rs. 73.20 up from Rs. 22.40 in 3Q of FY21. Lowest price in 3Q of FY22 was Rs. 20.90. Net asset value per share stood at Rs. 39.28 as at 31 December 2021 up from Rs. 35.60 a year before.